China is committed to reforms that will upgrade the technological level of its largely manufacturing-based economy and exploit green technologies expected to drive around $1.4 trillion in annual revenues, a senior Communist Party official said Thursday. China is the world’s second largest economy after the U.S. and has excelled in areas such as electric vehicles, solar and wind power, and high-speed trains. The government has set a target for this year of China's energy consumption per unit of GDP by 2.5%.